Accounts - Principles of Accounts 2014 JAMB Past Questions

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Subscription in arrears is treated in the balance sheet of a club as

A. current asset
B. current liability
C. fixed asset
D. intangible asset

View Answer & Discuss (3) JAMB 2014

Social Club Subscription (Extract)

31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
the year 2009 #38,570

Determine the amount of subscription for the year

A. #57,470
B. #41,070
C. #40,210
D. #35,300

View Answer & Discuss (1) JAMB 2014

Social Club Subscription (Extract)

31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
the year 2009 #38,570

What is the amount of subscription to be shown as liability in the balance sheet as at December 2009

A. #14,200
B. #16,400
C. #18,900
D. #20,500

View Answer & Discuss (4) JAMB 2014

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Given:

Sales #180,000
Stock 1/1 # 25,000
Purchases #110,000
Sales returns # 1000
Purchases returns # 1,500
Gross profit # 58,000

Determine the value of stock as at 31st December